Picture: Naew Na

 

Naew Na reported on the arrest of the manager of a major Chinese backed loan sharking operation in Bangkok.

 

Police arrested a Mr Jie - the manager - on a warrant at a condominium in Soi 3 off Rama 9 Road in the Thai capital.

 

The operation had various names using mobile apps like Cash Go, Royal Cash, Thai Cash, Cash Wai and K Cash.

 

There were many victims of the gang. Interest amounting to 234% per year was charged.

 

If people didn't return money in seven days they were subjected to harassment and threats from callers.

 

The authorities said that 40 million baht had been spirited away back to investors in China after a crypto currency was changed into Bitcoin to deceive investigators. 

 

The arrest is part of an ongoing crackdown on loan sharking with many Chinese backed operations being busted. 

 

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12 minutes ago, webfact said:

The authorities said that 40 million baht had been spirited away back to investors in China after a crypto currency was changed into Bitcoin to deceive investigators. 

High quality Chinese investors .....................LOL

They bring you covid financial ruin and thieves time to end this Chinese love affair ???? 

6 hours ago, webfact said:

The arrest is part of an ongoing crackdown on loan sharking with many Chinese backed operations being busted. 

You're nicked son... 

And they want these people back in droves, be careful what you wish for, Wolves in sheeps clothing.

I wonder if its linked to the freeing of the Thais is Cambodia recently, lure people into debt and gambling, make it impossible to pay back then ship them off in their friday minivans to work off their debts. Loads of debt collectors have been out and about over the last 18 months, saw a few people having to do runners as impossible to pay the interest and likely a lack of trust of authorities to help. Chances are the debts still owed on this one and the collectors themselves have been bought already and nothing changes for those that borrowed.